We examine the expectational stability (E—stability) of rational expectations equilibrium under optimal interest rate rules in the context of the standard, “New Keynesian” model of the monetary transmission mechanism. We focus on the case where the monetary authority adds interest rate...

In this paper we use a modified neoclassical business cycle model to test two competing explanations of the expansion of the 1990s. The model can have indeterminate, multiple equilibria that give rise to expectation-driven business cycles. We fit into the model series of estimated speculative...

This paper tests “Bad Policy” Hypothesis which refers to the Great Moderation in the US. We examine this hypothesis by simulating model based impulse response functions for the both pre-Volcker period and post 1982 period. Deriving and simulating standard New Keynesian DSGE Model explicitly,...

Lightweight envelopes are widely used in modern buildings but they lack sufficient thermal capacity for passive solar utilization. An attractive solution to increase the building thermal capacity is to incorporate phase change material (PCM) into the building envelope. In this paper, a...

The thermal performance of a south-facing direct-gain room with shape-stabilized phase change material (SSPCM) plates has been analysed using an enthalpy model. Effects of the following factors on room air temperature are investigated: the thermophysical properties of the SSPCM (melting...

This paper examines the effectiveness of the “end of double taxation” (on dividends) policy in stabilizing an economy. Both announced and unannounced policies are considered. A reduction in double taxation stimulates investment and improves welfare, but its impact on output is moderate and...

Based on database of ecological factors and geographic information space analysis method, we analyzed suitability of Wolfiporia extensa (Peck) Ginns producing regions, in the hope of providing reference for scientific zoning and cultivation. Ecological factors we analyzed mainly include...

type="main" <title type="main">ABSTRACT</title> <p>We propose an urban search-matching model with land development. Wages, unemployment, prices of housing and land are endogenously determined. We characterize the steady-state equilibrium and then discuss the issue of efficiency. To explore interactions among markets, we...</p>